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Performance Food appoints Tom Ondrof chief financial officer

Performance Food Group Co. said Thursday that Tom Ondrof has been named chief financial officer, effective Oct. 1. Ondrof joins from Compass Group North America, where he spent 24 years serving in a number of positions including chief financial officer and chief development officer. Compass Group North America is a subsidiary of U.K.-based Compass Group plc . Ondrof succeeds Bob Evans, who’s retiring after seven years in the position. Performance Food shares are inactive in premarket trading and up 4.2% for the year so far. The S&P 500 Index [s:spx] is up 5.8% for 2016 so far.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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InterDigital boosts dividend 50%

InterDigital Inc. said Thursday it will raise its quarterly dividend by 50% to 30 cents a share from 20 cents a share. The mobile technology company’s new dividend will be payable Oct. 26 to shareholders of record on Oct. 12. Based on Wednesday’s stock closing price of $77.73, the new annual dividend implies a dividend yield of 1.54%, compared with the aggregate S&P 500 dividend yield of 2.12%, according to FactSet. “InterDigital’s continuing growth and strong visibility of future cash flows puts us in a great position to return increased value to shareholders,” said Chairman S. Douglas Hutcheson. The stock, which was still inactive in premarket trade, had soared 59% year to date, while the S&P 500 has gained 5.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Scripps Networks and AT&T add expanded digital rights to distribution deal

Scripps Networks Interactive Inc. and AT&T Inc. have agreed to a multi-year, multi-platform agreement that continues the distribution of Scripps Networks channels both live and on-demand on DirecTV and AT&T U-verse. The channels involved include HGTV, Food Network and Travel Channel. The companies also agreed to expanded digital rights for the DirecTV Now and DirecTV Freeview streaming services that will launch later this year. Scripps shares are inactive in premarket trading, and up 17.2% for the past year. AT&T shares are also inactive in premarket trading, and up 25.7% for the past year. The S&P 500 Index is up 11.3% for the last 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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AutoZone beats profit expectations and boosts buybacks, but sales fall shy

AutoZone Inc. reported Thursday earnings that rose to $426.8 million, or $14.30 a share, in its fiscal fourth quarter to Aug. 27, from $401.1 million, or $12.75 a share, in the same period a year ago. The FactSet consensus for earnings per share was $14.25. Revenue increased to $3.40 billion from $3.29 billion, missing the FactSet consensus of $3.42, as domestic same-store sales grew 1.0%. The FactSet same-store sales consensus was 2.0%. Inventory increased 6.1%, as 71 new stores were opened and product placement increased. Separately, the auto parts retailer increased its stock repurchase program by $750 million. The stock, was indicated slightly higher in premarket trade, has tacked on 1.3% year to date through Wednesday, while the S&P 500 has gained 5.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Rite Aid profit beats, but sales fall slightly short

Rite Aid Corp. said Thursday it had net income of $14.8 million, or 1 cent a share, in its second fiscal quarter to Aug. 27, down from $21.5 million, or 2 cents a share, in the year-earlier period. Adjusted per-share earnings came to 3 cents, ahead of the FactSet consensus of 2 cents. Revenue rose 4.8% to $8.0 billion, below the FactSet consensus of $8.2 billion. Same-store sales rose 2.5% to beat the FactSet consensus of 1.9%. Chief Executive John Standley said the company’s pharmacy services business had a good quarter at the front end. “We also saw improvements in prescription drug costs, but these improvements were more than offset by the challenging reimbursement rate environment, which we expect to continue through the remainder of the fiscal year,” he said. The company will continue to pursue growth opportunities in its flu immunization campaign and convert additional stores to its Wellness format. It is expecting its takekover by Walgreens Boots Alliance Inc. to be completed in the second half. Shares were not yet active in premarket trade, but are up 3.3% in the year so far, while the S&P 500 has gained 5.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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WCI Communities stock soars after $643 million Lennar buyout deal

Shares of WCI Communities Inc. rocketed 37% in premarket trade Thursday, after the home builder agreed to be bought out by Lennar Corp. in a deal valued at $643 million. Under terms of the deal, Lennar will pay $23.50 in cash and stock for each WCI share outstanding, representing a 37% premium to Wednesday’s closing price. Lennar expects to pay half of per-share price in cash and half in its common stock. WCI shareholders will vote on the deal in December or January, and if approved, Lennar expects the deal to close “promptly” after. “WCI’s land portfolio dovetails perfectly with our own Florida footprint and expands our product offering to capture more of the move-up market,” said Lennar CHief Executive Stuart Miller. “Our combined presence in the premier coastal Florida markets will drive growth and allow significant cross and dual brand marketing opportunities.” Through Wednesday, WCI shares had tumbled 23% year to date, Lennar’s stock had lost 11%, the iShares U.S. Home Construction ETF had gained 1.1% and the S&P 500 had advanced 5.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Chase officially satisfies $4 billion RMBS settlement consumer-relief requirement

In his ninth and final report, Joseph Smith, monitor of the JPMorgan Chase Residential Mortgage-Backed Securities Settlement, credited Chase with more than its required $4 billion of consumer relief obligation. The settlement dates all the way back to claims that Chase, Bear Stearns and Washington Mutual packaged and sold bad residential mortgage-backed securities to investors before the financial crisis. …read more

From:: Real Estate Wire

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Mortgage CMOs, GSE Director Appointed

Recent executive movement in the home-lending industry includes a director appointment at a government-sponsored enterprise and two people who have been hired as chief marketing officers.

Fannie Mae said last week that Ryan A. Zanin was elected to its board of directors. He’s been appointed to the risk policy and capital committee and the strategic initiatives and technology committee.

Zanin’s three decades’ experience includes his current job as chief risk officer at GE Capital. He was also managing director, risk management, at Wells Fargo & Co. and worked at Wachovia Corp.

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From:: Financing